Shares of GameStop Corp.
GME,
ran up 15.4% toward a seven-week high, as the original “meme” stock continued to get a boost from aggressive bets by options traders. The consumer electronics and videogame retailer’s stock had shot up 13.3% on Tuesday, a day after it closed at the lowest price ($11.91) since Feb. 23, 2021, as investors bet heavily on options that would pay off if the stock doubled following quarterly results due out on Dec. 6. The stock’s two-day gain of 30.7% would be the biggest since it rocketed 41.5% in the two days ended March 22, 2023. It was also headed for the first back-to-back double-digit percentage gain since it rose 29.2% on May 25 and 11.5% on May 26 of 2022. The stock has still lost 14.7% over the past three months while the S&P 500
SPX,
has gained 1.7%.
